Record breaking apartment sale in New York

Thursday, December 22, 2011

Record breaking apartment sale in New York

A four bedroom apartment in Manhattan has broken the record for the highest individual property sale in New York history, fetching $88 million.

The 6,744 sq. ft apartment in Central Park West has been snapped up by Ekaterina Rybolovleva, the 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev. Rybolovleva is currently studying at an undisclosed U.S. university and plans to stay in the apartment when visiting New York. Features include a wraparound terrace of more than 2,000 sq. feet, 4 bedrooms, 4 bathrooms and 2 wood burning fireplaces.

It was previously owned by former Citigroup chairman Sandy Weill who has promised to donate the proceeds of the bumper sale to charity.

Jonathan Miller, chief executive of real estate appraiser Miller Samuel commented: “What is ironic is that when Sandy Weill bought it for less than half this amount, he paid the highest price per sq foot to date in that building, around, $6,400 per sq. foot. He is again setting a record.”

The previous New York City record had been set back before the market crash when investor Christopher Flowers paid $53 million for a townhouse at 4 east 75th Street. He resold the property on August 15 for just over $36 million.

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